ING Real Estate Investment Management has replaced its country head for Japan following the resignation of Hidetoshi Ono for personal reasons.
The firm, headed in Asia by chief executive officer Richard Price, has promoted head of institutional clients Tetsuya Fujita to take the helm. Fujita joined ING REIM in 2009 but has more than 25 years of experience in the real estate sector.
He previously worked for New City Corporation where he was president and had served as chief executive officer of New City Residence REIT at the time of its listing. The J-REIT subsequently found itself centre of a fierce bidding contest including Dallas-based Lone Star Funds, after falling into financial difficulties last year. It was purchased by Tokyo-based investor Daiwa House via a merger with its majority-owned unit BLife Investment Corp in April this year.
Fujita also previously worked for Richard Ellis and in the New York office of Sumitomo Realty.
Price said in an announcement on the appointment: “Japan is one of our largest markets in the region and we see significant opportunity for our clients for further growth over the months and years ahead. Fujita-san has clearly demonstrated his ability to step up to this challenge.”